With many homeowners concerned that their homes may not be worth as much as they once thought, the focus in home improvement spending has shifted from extravagance to value. Affordability, energy conservation, green materials and easy maintenance top the list.
More cautious spending has forced many remodelers to become more competitive. According to Sal Alfano, editorial director of Remodeling Magazine, “Some remodelers are cutting their margins, others are willing to do competitive bidding again; and some are offering faster completion dates or more services than before.”
One major concern that arises out of these changes in the industry is that more and more homeowners are turning to unlicensed contractors to save money.
Bottom line…contractors need to emphasize value and get creative with their marketing to stay competitive and survive in today’s economy.